PHILADELPHIA, May 21, 2002 (PRIMEZONE) -- The law firm of Spector, Roseman & Kodroff, P.C. today announced that the previously announced class action on behalf of Edison Schools investors (Nasdaq:EDSN) has been expanded to include investors who purchased Edison securities in the period from November 11, 1999 to May 14, 2002, inclusive.
The new complaint names Edison, Chris Whittle, Christopher Cerf and Adam Feild as defendants. The new complaint also names Edison's outside auditor PricewaterhouseCoopers as a defendant. The lawsuit was filed by the law firm of Spector, Roseman & Kodroff, P.C. in Philadelphia, Pennsylvania (www.srk-law.com).
The complaint alleges that the defendants made material misrepresentations and omissions of material facts concerning the company's financial condition and business performance during the relevant time. According to the complaint, the defendants knew or recklessly disregarded that Edison was overstating revenues, among other things. In February 2002, it was revealed that Edison was improperly recognizing revenue. On May 14, 2002, Edison announced that it had been the subject of an SEC investigation concerning its improper accounting and revenue recognition. In addition, Edison announced that it had entered into a settlement with the SEC, pursuant to which the Company would reclassify its revenues for numerous prior reporting periods, thereby acknowledging that prior financial statements were false and misleading. The lawsuit was filed in New York City at the United States District Court for the Southern District of New York.
If you have sustained substantial losses in Edison School securities during the Class Period, please contact Spector, Roseman & Kodroff, P.C. at classaction@srk-law.com for a more thorough explanation of the Lead Plaintiff selection process. If you have relatively small losses, your ability to participate in any recovery will be protected by the Lead Plaintiff(s), and you need take no affirmative steps at this time.
If you wish to join this action, please visit http://www.srk-law.com/recentsecuritiesfilings.asp. To discuss this action or if you have any questions concerning this notice or your rights or interests, please contact plaintiff's counsel Robert M. Roseman toll-free at 888-844-5862 or via E-mail at classaction@srk-law.com. For more detailed information about the firm please visit its website at http://www.srk-law.com.
Spector, Roseman & Kodroff, P.C., located in Philadelphia, Pennsylvania and San Diego, California, concentrates its practice in complex litigation including actions dealing with securities laws, antitrust, contract and commercial claims. The firm is active in major litigation pending in federal and state courts throughout the United States. The firm's reputation for excellence has been recognized on repeated occasions by courts which have appointed the firm as lead counsel in numerous major class actions involving violations of the federal securities laws and the federal antitrust laws, and consumer fraud . As a result of the efforts of the firm, and its members, hundreds of millions of dollars have been recovered on behalf of thousands of defrauded shareholders and companies.
More information on this and other class actions can be found on the Class Action Newsline at www.primezone.com/ca